Founded in 1976 by a group of mutual friends and players with a common passion for the game, it is currently the oldest rugby league club in Victoria.
[1] The club's nickname to begin with was the Kangaroos and the first playing strip also resembled the national team's colours.
Only five years after establishment, the Waverley Rugby League Club won its maiden premiership in 1980.
At the same time the VRL directed all clubs to adopt the colours and monikers of existing NSWRL teams.
The Panthers' new club rooms and ground were originally adjacent to Monash Medical Centre.
In the decade between 1989 and 1999, the club also had its most successful period on the field, competing in seven grand finals during this time, winning three (1992, 1993 and 1994).
The inaugural playing strip resembled the Australia national rugby league team jersey.